AGF Management Ltd Shs -B- Non-Voting

AGF.B: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 6.40	Pmz	Mjsbvld

Market Losses and Fee Compression Weigh on AGF Management's Q1 Results; No Change to FVE

Greggory Warren

Mar 23, 2023

There was little in no-moat AGF Management's fiscal first-quarter results that would alter our long-term view of the firm. We maintain our CAD 8.50 per share fair value estimate. Despite a more than 10% drop in the company's stock price today, we view the shares as being only slightly undervalued.

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